A worker arranges imported soybeans at a port in Nantong in east China's Jiangsu province, March 22, 2018.

AP

Good morning. Executives at companies with global supply chains have more reason to worry, as the trade conflict between the U.S. and China continues to escalate. Beijing on Wednesday responded to Washington’s latest levy proposals with tariffs on $50 billion of U.S. exports to China, report the WSJ’s Liyan Qi, Lingling Wei and Kenan Machado.Its list includes soybeans, airplanes and autos, as well as chemicals, sorghum and beef.

The tariff rate and the sum of goods targeted match the proposal unveiled by the Trump administration Tuesday to punish China for what it says are unfair practices to acquire American technology. The U.S.'s levies could apply to Chinese imports across 1,300 product categories, including medicines, machine tools, chemicals and automobile parts, write the WSJ’s Bob Davis, Josh Zumbrun and Ms. Wei.

Neither the U.S. nor Chinese tariffs take effect immediately. Weeks and perhaps months could pass before either side moves to impose the duties, providing an opportunity for negotiations. Under the U.S. plan, companies have until May 22 to object to the proposed tariffs and the government has at least 180 days after that to decide whether to move ahead.

THE DAY AHEAD

U.K. gender pay gap-deadline looms. Around 9,000 British organizations with 250 or more employees have to report their gender pay gap before a deadline set by the U.K. government expires later tonight, reports the Financial Times.

Acuity Brands Inc. and CarMax Inc. are set to release earnings today.

CFO JOURNAL EXCLUSIVE

CAQ launches tool to aid audit committee oversight of new lease accounting standards. Audit committees have a new tool to aid their oversight of companies as they implement the new lease accounting standard that takes effect in 2019, writes CFO Journal’s Tatyana Shumsky.

The Center for Audit Quality on Wednesday released an overview of the new accounting rules and a set of questions that audit committee members should consider for successful implementation. These include guidelines for evaluating the company’s impact assessment and the implementation project plan, as well as other considerations audit committees should weigh.

The publication also includes a list of resources from the leading auditing firms and the American Institute of CPAs.

The move comes as Wärtsilä prepares to spend hundreds of millions of euros on bolt-on acquisitions this year. “We want to increase the efficiency of our finance department,” Chief Financial Officer Marco Wiren said. “If we acquire more companies, we can do more with the same amount of people,” Mr. Wiren added.

CORPORATE NEWS

Spotify shares begin trading in New York, N.Y., U.S., April 3, 2018.

EPA/Shutterstock

Spotify roars onto public market. Spotify Technology SA’s shares surged on the first day of trading, as the music-streaming company chose an unusual method of going public. This could alter the way businesses think about the listing process and put new pressure on banks.

Amazon under fire from Trump. President Donald Trump stepped up his criticism of Amazon.com Inc., stating the company was profiting at the expense of taxpayers and putting traditional retail stores out of business.

Apple recruits AI-executive from Google. Apple Inc. hired a prominent executive -- John Giannandrea -- from Alphabet Inc.’s Google to lead its artificial-intelligence efforts, an area where analysts say the company has lagged rivals.

Tesla fails to hit production target. Tesla Inc. on Tuesday said it missed a crucial production goal for its new Model 3 sedan. This comes at a time when the auto maker has to boost production to prove it can create a car for the masses, or face severe financial consequences.

Goldman moves to manage cash for big companies. Goldman Sachs Group Inc. is making advances into commercial banking, hiring a senior JPMorgan Chase & Co. executive to build a set of cash management tools, deposit accounts and other products for big companies, according to people familiar with the plans.

WPP’s Sorrell under scrutiny. The board of U.K. advertising firm WPP PLC is probing whether longtime Chief Executive Martin Sorrell misused company assets, according to people familiar with the matter. The board is also looking into allegations of improper personal behavior by Mr. Sorrell, one of the people said.

CBS submits offer for Viacom. CBS Corp. has made a bid to acquire Viacom Inc., contingent on its management team being at the helm of the merged entity, according to people familiar with the matter.

China’s Anbang secures fresh capital. Chinese conglomerate Anbang Insurance Group Co. said Wednesday it will receive a $9.7 billion capital injection from an industry-rescue fund to keep it solvent while it tries to find new private investors.

Strong earnings season forecast. U.S. corporate profitability is expected to have accelerated again during the first quarter. Boosted by a recent corporate-tax overhaul and a strengthening global economy, S&P 500 firms are forecast to report profit growth of 17% in the first three months of 2018 from a year earlier.

EPA chief echoes car makers. U.S. Environmental Protection Agency Administrator Scott Pruitt said Tuesday that his plans for repealing Obama-era fuel economy standards are aimed at boosting the efficiency of cars that people want to buy, endorsing an argument car manufacturers have made for years.

Longfin slump puts new IPO rules in the spotlight. Longfin Corp., so far the most successful company to use post-financial crisis rules to list on the stock market, has lost 85% of its value in six trading days, highlighting the risks for individual investors from a program designed to help small firms go public. Longfin said Monday it was under investigation by the U.S. Securities and Exchange Commission.

Are business meal deductions still allowed? The American Institute of CPAs, the largest association of accounting professionals, has asked the U.S. Treasury Department and the Internal Revenue Services to clarify whether the new tax law allows continued deduction of business meals and other work expenses, reports Reuters.

New York Fed appoints new president. The Federal Reserve Bank of New York said Tuesday that John Williams, who has lead the San Francisco Fed since 2011, will become its next leader. The economist is set to succeed William Dudley, who will retire June 17.

CFO MOVES

Neiman Marcus Group LTD LLC, the Dallas-based fashion retailer, has appointed Adam Orvos as chief financial officer, effective April 25. Mr. Orvos succeeds Dale Stapleton who has served as interim CFO since June 2017. Mr. Stapleton will continue to serve as senior vice president and chief accounting officer, a role he has held since 2010. Mr. Orvos joins Neiman Marcus from Total Wine & More where he was executive vice president retail and most recently chief executive officer.

He will be paid a one-time signing bonus of $100,000. Mr. Orvos's annual base salary will be $750,000 and he will participate in the company's annual incentive program with a target bonus of 75% of his base salary, and a maximum bonus of 150% of his base salary, according to a filing. He will also be eligible to take part in the company's mid-term cash incentive plan.

The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Tatyana Shumsky contributed to today’s Ledger. Send tips, suggestions and complaints to the editor: kimberly.johnson@wsj.com.